PayPal USD

Value

Ondo

Billion

<p>Ondo Finance's tokenized instruments have doubled their on-chain user base in three months, according to on-chain data. The products recorded 166,723 active addresses over the last 30-day period, a 100.16% increase from 83,295 active addresses three months earlier.</p>
<p>The figure puts Ondo's on-chain presence ahead of the active user base of PayPal's dollar stablecoin, <a href="https://x.com/search?q=%24PYUSD&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PYUSD</a>, which has a market capitalization of $2.86 billion.</p>
<h2 id="what-is-driving-ondo-s-growth">What is driving Ondo's growth</h2>
<p>Ondo began by tokenizing U.S. Treasuries and now offers a wider range of products. <a href="https://finance.yahoo.com/markets/crypto/articles/ondo-finance-says-total-value-205100806.html" rel="noopener noreferrer nofollow">Ondo Finance said</a> the total value locked across its products has crossed $4 billion, a milestone driven by growth in tokenized stocks and exchange-traded funds (ETFs). The company said more than $1.3 billion of that total now sits in tokenized stocks and ETFs, and that its products have drawn more than 1 million cumulative holders.</p>
<p>Ondo's Treasury business is also expanding. <a href="https://cryptobriefing.com/ondo-superstate-lead-tokenized-tbill-growth/" rel="noopener noreferrer nofollow">Crypto Briefing reported</a>, citing Token Terminal data, that Ondo added $41.6 million in market cap over seven days, ahead of Superstate at $34.2 million. The same report said Ondo crossed $3 billion in tokenized U.S. Treasury assets on October 13, 2026, with its USDY product accounting for about $2.328 billion of that total.</p>
<p>Ondo's reach across networks may also be helping user numbers. According to a KuCoin News summary of Ondo's disclosure, Ondo Stocks can be transferred permissionlessly on Solana, Ethereum and BNB Chain.</p>
<h2 id="how-pyusd-compares">How PYUSD compares</h2>
<p>PayPal USD is a regulated stablecoin. <a href="https://coinmarketcap.com/currencies/paypal-usd/" rel="noopener noreferrer nofollow">CoinMarketCap describes</a> $PYUSD as issued by Paxos Trust Company and backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. Its market capitalization has hovered near the $2.8 billion to $2.9 billion range in recent weeks, according to market data aggregators such as <a href="https://www.bybit.com/en/price/paypal-usd/" rel="noopener noreferrer nofollow">Bybit</a>, which listed $2.84 billion as of October 20, 2026.</p>
<p>The comparison is limited. Active addresses measure wallet activity, not the amount of capital held, and the two products serve different purposes. PYUSD is a payments-oriented stablecoin, while Ondo's instruments are investment products such as tokenized Treasuries and stocks. Address counts can also vary depending on the data provider and how activity is measured.</p>
<p>Even so, the jump in active addresses points to growing demand for tokenized real-world assets (RWAs), as issuers expand from Treasuries into equities and other asset classes.</p>
<h2 id="sources">Sources</h2>
<p><a href="https://finance.yahoo.com/markets/crypto/articles/ondo-finance-says-total-value-205100806.html" rel="noopener noreferrer nofollow">Ondo Finance Says Total Value Locked Has Topped $4 Billion (Yahoo Finance)</a><br><a href="https://cryptobriefing.com/ondo-superstate-lead-tokenized-tbill-growth/" rel="noopener noreferrer nofollow">Ondo and Superstate lead weekly growth in tokenized US T-bill market (Crypto Briefing)</a><br><a href="https://coinmarketcap.com/currencies/paypal-usd/" rel="noopener noreferrer nofollow">PayPal USD price and statistics (CoinMarketCap)</a></p>

Ondo Tokenized Instruments has grown by 100%

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